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MEGA Millions players have been urged to check their numbers as a prize worth a whopping $197.5m still remains unclaimed.
The slip was bought in California ahead of a draw that took place on December 8, 2023.
A Mega Millions prize worth $197.5m remains unclaimed[/caption]
The slip was bought at a Chevron gas station in Encino – around 20 miles from Los Angeles – as reported by USA Today.
Players in California have up to a year to go before claiming their jackpots, but the deadline is fast approaching.
If the ticket holder doesn’t step forward, then the money will disappear.
The player, who hasn’t been named, has until December 7 to come forward, meaning the clock is ticking.
Two winners hit the jackpot, which stood at $395 million at the time.
One player stepped forward and claimed their share of the pot, but the second prize has not been claimed.
“We have no way of knowing who has the second jackpot-winning ticket from that incredible night,” Carolyn Becker, of the California Lottery said.
She revealed how the money would be spent if it remained unclaimed.
“While it’s a shame for potential winners to see any winning ticket expire, it does give a helpful boost to California public schools.
“All unclaimed prize money winds up helping support public education, so we can still feel good about it at the end of the day.”
The timeframe to claim prizes depends on where the ticket was bought.
Gamblers in California can wait an entire year before coming forward, but in most states, the deadline is 180 days.
In Florida, gamblers have 60 days to come forward.
If and when the ticket holder of the $197.5m prize steps forward, they will be hit with federal taxes.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
They will lose a chunk of their prize thanks to a federal tax rate of 24%.
Their new fortune will also likely push them into the highest income tax bracket.
But, the lotto player will get a reprieve as California doesn’t tax lotto winners on the state level.
The $197.5 million sum is not the only large lotto prize that remains unclaimed.
A Powerball prize worth $138 million still remains up for grabs.
The winning slip was bought from a Walmart store in Ohio and the ticket holder only has until December 30.
Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
- Edwin Castro – $2.04 billion, Powerball, Nov. 8, 2022, in California.
- Theodorus Struyck – $1.765 billion, Powerball, Oct. 11, 2023, in California.
- Unknown winner – $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
- Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida – $1.586 billion, Powerball, Jan. 13, 2016.
- Unknown winner – $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
- Unknown winner – he sued the mother of his child to keep his identity hidden – $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
- Unknown winner – $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
- Cheng and Duanpen Saephan, and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Alvarez – $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club – $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
- Unknown winner – $842.4 million Powerball, Jan. 1, 2024, from Michigan.
